Segments (Tables)

3 Months Ended

Jul. 31, 2021

Segment Reporting [Abstract]

Schedule of segment results

The following tables present segment results:

	Three Months Ended July 31, 2021
	Net Sales		Gross Profit		Depreciation and Amortization		Adjusted EBITDA
	(in thousands)
Geographic divisions	$	1,032,388	$	332,685	$	27,428	$	127,017
Other	9,688		3,148		88		1,062
Corporate	—		—		198		—
	$	1,042,076	$	335,833	$	27,714	$	128,079

	Three Months Ended July 31, 2020
	Net Sales		Gross Profit		Depreciation and Amortization		Adjusted EBITDA
	(in thousands)
Geographic divisions	$	794,472	$	257,838	$	26,782	$	82,503
Other	8,101		2,620		91		551
Corporate	—		—		224		—
	$	802,573	$	260,458	$	27,097	$	83,054

Reconciliation of Adjusted EBITDA to net income

The following table presents a reconciliation of Adjusted EBITDA to net income:

	Three Months Ended July 31,
	2021		2020
	(in thousands)
Net income	$	61,202	$	27,219
Interest expense	13,657		14,081
Interest income	—		(37)
Provision for income taxes	19,971		9,604
Depreciation expense	12,925		12,827
Amortization expense	14,789		14,270
Stock appreciation rights(a)	892		792
Redeemable noncontrolling interests(b)	310		252
Equity-based compensation(c)	1,958		1,605
Severance and other permitted costs(d)	147		1,947
Transaction costs (acquisitions and other)(e)	575		100
(Gain) loss on disposal and impairment of assets(f)	(78)		394
Effects of fair value adjustments to inventory(g)	1,731		—
Adjusted EBITDA	$	128,079	$	83,054

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(a)Represents changes in the fair value of stock appreciation rights.

(b)Represents changes in the fair values of noncontrolling interests.

(c)Represents non-cash equity-based compensation expense related to the issuance of share-based awards.

(d)Represents severance expenses and other costs permitted in the calculation of Adjusted EBITDA under the ABL Facility and the Term Loan Facility, including certain unusual, nonrecurring costs and credits due to COVID-19.

(e)Represents costs related to acquisitions paid to third parties.

(f)Includes gains from the sale of assets and impairment of assets resulting from restructuring plans to close certain facilities.

(g)Represents the non-cash cost of sales impact of acquisition accounting adjustments to increase inventory to its estimated fair value.

Schedule of net sales to external customers by main product lines

The following table presents the Company’s net sales to external customers by main product lines:

	Three Months Ended July 31,
	2021		2020
	(in thousands)
Wallboard	$	390,135	$	328,085
Ceilings	138,071		114,643
Steel framing	196,276		110,532
Complementary products	317,594		249,313
Total net sales	$	1,042,076	$	802,573

Schedule of net sales by major geographic area

The following table presents the Company’s net sales by major geographic area:

	Three Months Ended July 31,
	2021		2020
	(in thousands)
United States	$	862,790	$	679,321
Canada	179,286		123,252
Total net sales	$	1,042,076	$	802,573

Schedule of property and equipment by major geographic area

The following table presents the Company’s property and equipment, net, by major geographic area:

	July 31, 2021		April 30, 2021
	(in thousands)
United States	$	284,177	$	271,346
Canada	39,790		39,980
Total property and equipment, net	$	323,967	$	311,326